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Dreams scores big with Q2 web sales
Web sales grew 39%, outpacing a total sales increase of 30%.
Dreams Inc., which owns and operates FansEdge.com and other specialized online retail sites, saw e-commerce sales soar in the second quarter.
For the quarter ended June 30, Dreams, No. 181 in the Internet Retailer Top 500 Guide, reported:
- Online sales increased about 38.7% to $12.9 million from $9.3 million in the prior year quarter.
- Total sales increased about 29.2% to $18.6 million, from $14.4 million.
- Manufacturing and distribution revenue increased about 1.6% to $1.85 million from $1.82 million.
- Retail revenue increased 33.6% to $16.7 million from about $12.5 million.
- Net loss was $1.7 million, compared with a net loss of $1.2 million in Q2 2010.
Based on Internet Retailer calculations, the web accounted for 69.4% of all revenue compared with 64.6% in the prior year.
“In order to support our seasonal retail model and plans to further expand our Dreams e‐commerce offering, we continued to invest in our platform during the quarter,” says CEO Ross Tannenbaum. “This included the addition of 66 new employees for various positions, including search engine optimization, graphic design and programming, and we expect to add as many as 15 more in the third quarter. We also opened a 124,000-square-foot satellite warehouse and distribution facility designed to increase our capacity by 50%.”
For the first six months:
- Web sales rose 46.3%, to $29.7 million from $20.3 million in the same period last year.
- Total sales increased 36.6% to about $42.2 million, from $30.9 million.
- Manufacturing and distribution revenue increased about 8.5% to $5.1 million from about $4.7 million.
- Retail revenue increased 42.5% to $36.9 million from about $25.9 million.
- Net loss was $2.9 million, compared with a net loss of $2.0 million in the first half of 2010.
Internet Retailer calculates the web accounted for 70.4% of all revenue compared with 65.7% in the prior year period.